1) Can someone give me an explanation of what annuity is?
2) Is there anyway I can start one w/o interest, I am Muslim.
I plan on investing in stocks in while. thanks
Annuities are best suited to older folks looking for a bit of security in their investment life.
At 18 you have 40 years give or take to withstand the ups and downs of the market. Find a financial adviser that can help you put together an aggressive portfolio. Begin dollar cost averaging (buying the same $ amount each month) and stick with it.
If you earn any income you can open a Roth IRA, otherwise open a T.O.D. account.
The most valuable asset on your side is time. Have fun with it
Annuities is something old people do when they realize they are losing their minds and get scared about handing their own money.
Open a discount brokerage account and start investing.
Also open a ROTH ira, and put 5K in it a year.
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Variable Annuities are major rip off's.
Any other annuity is not appropriate for a young person.
Stocks &/or Stock Mutual Funds can be purchased without any
interest costs.
READ: Mutual Funds For Dummies